South African market: Opportunities for enterprises in Binh Duong

Update: 28-02-2017 | 18:17:44

Over the past time, relations between Vietnam and South Africa were very fine. Especially, the two countries have recently attached special importance to increasing mutual export turnover. This is also a great opportunity for enterprises in Vietnam in general and in Binh Duong in particular to penetrate into the market..

Potential market

At a Vietnam-South Africa trade, investment and tourism promotion seminar just held in Binh Duong, Kgomotso Ruth Magau, South African Ambassador to Vietnam said that South Africa is Africa’s second largest economy with GDP value accounting for 25% of the whole continent’s total GDP value. This is also an important gateway of Africa and is member of the BRICS group with potentialities in terms of natural resources and vigorous development in mining, food processing, trade... Hence, it is a potential market with trade prospects for Vietnam.

Production at Kisoo Vina Co.Ltd. in Thuan An town

Vietnam has exported products like telephones and their components, electronic products, garments-textiles, footwear, pepper, cashew, coffee, furniture…into South Africa and imported materials for industrial manufacture like chemicals, all kinds of steel…from the country.

Doan Duy Khuong, Vice-Chairman of the Vietnam Chamber of Commerce and Industry said that mining, steel, furniture and paper powder are industries with cooperation prospects between the two countries. Vietnam now deliberates to boost cooperation with South Korea in the fields of automobile assembly and making, food processing, especially chemicals…Over the past ten years, the total trade value between Vietnam and South Africa increased fivefold from US$192 million in 2007 to US$1.03 billion in 2016.

Opportunities

According to Mr.Khuong, Vietnam exported some agro-fishery products into South Africa, but their potentialities in the country were not great. In the near future, garment-textile products, footwear, food…from Vietnam will have more opportunities in order to penetrate into the market.

Province-based enterprises have been recently proactive to learn about information regarding conditions for export in South Africa. At the last seminar, Mrs.Kgomotso Ruth Magau said that South Africa is the largest partner of Vietnam in Africa and affirmed that it has promoted cooperation with Vietnam. South Africa is also a big supplier of minerals that Vietnam needs for industrial development.

Tran Thanh Liem, Vice-Chairman of provincial People’s Committee said that province-based enterprises have strong points in industries of electronics, electricity, footwear, garment-textile, wood processing…Whilst, South Africa is very powerful in terms of materials for industrial production. Therefore, the opportunity for cooperation between the two sides is very great.

Reported by Thoai Phuong-Translated by K.T

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South African market: Opportunities for enterprises in Binh Duong

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